Learnd : 2023 Annual Results Presentation

2023AnnualResults Presentation

1

Contents

1 Executive Summary

2 Key Financials

3 AdjustedEBITDABridge - 2023

4 Acquisition Funding Facility

5 Strategic Highlights

6 2024 Strategic Priorities

7 Outlook

8 Appendix

ExecutiveSummary

• A strong yearwith robust growth in both revenue and adjusted EBITDA on a pro-forma basis:

Metric1	Growth
Revenue	+11.2%
Gross Profit	+19.7%
Adjusted2 EBITDA	+13.5%
Adjusted Operating Cash Flow	+58.4%

• Significant underlyinggrowth ofrecurring & repeatable service revenue - 27% year-on-year.

• Three new digital propositionslaunched in year with significant increase in digital revenues: • Unified BMS, Critical AlarmMonitoring & learnd Smartphone app propositions launched.

• Very strong performance fromCEC acquisition with over 90% growth in revenue & 157% growth in EBITDA year-on-year.3

	(1)	Pro-forma, 2023 includes CEC on a full-year basis.
3	(2)	Adjusted for extraordinary expenses and revenues, made up of substantial acquisition costs, group re-organisation & business combination costs - aligned to IFRS statutory accounts.
(3)	Comparison between last reported full year 12 months period due to change in accounting period post-acquisition - 12 months to September 2022 compared to 12 months January to December 2023.

Key Financials

EUR k 1	2023	20223	Delta
Revenue	39,562	35,592	3,970 / +11.2%
Gross Profit	16,155	13,493	2,662 / +19.7%
Adjusted2 EBITDA	3,401	2,997	404 / +13.5%
Adjusted Operating Cash Flow	2,847	1,798	1,049 / +58.4%

	(1)	Pro-forma, 2023 includes CEC on a full-year basis.
4	(2)	Adjusted for extraordinary expenses and revenues, made up of substantial acquisition costs, group re-organisation & business combination costs - aligned to IFRS statutory accounts.
(3)	Aligned to the same methodology used for the 2023 IFRS statutory accounts.

AdjustedEBITDA Bridge- 2023

EBITDA substantially impacted by one-off expenses in connectionwith the IPO / Business Combination, acquisitions and reorganisation ofthegroup.

EUR k			One-off expenses
			resulting from IPO /
3,401		3,011	Business Combination
		(mostly non-cash)

(391)

EBITDA per

statutory accounts

Adjusted1	Adjustment to	Adjusted1		One-off	Corporate	Expenses related
EBITDA	recognise	EBITDA per		bonus	Expenses	to acquisition of
	CEC pro-	statutory		payments		new subsidiaries
			& reorganisation
	forma	accounts
				of the Group

(57,718)

(7,099)

(1,741)

(910) (64,458)

5	(1) Adjusted for extraordinary expenses and revenues, made up of substantial acquisition costs, group re-organisation & business combination costs - aligned to IFRS statutory accounts.

Acquisition Funding Facility

• A €30m acquisitionfunding facility was secured in February 2024 with P Capital Partners:

• €17.5m fundingforre-financing existing facilitiesand theacquisitions of Ashdown Controls Group andBGES Group (completed February 2024).

• €12.5m committed for future acquisitions to support learnd's growthstrategy.

Ulf Hamberg, Managing Director at PCP, commented:

"At PCP, we're not just impressedby learnd's innovative approach to building management systems; we're inspired by the visionandachievementofthefounders and team. Their dedication toadvancing energy efficiency aligns perfectly with our mission of empowering entrepreneurs to notonly grow their businesses but also contributeto sustainable futures."

John Clifford, Co-Founder &CEO atlearnd, commented:

"Our partnership with PCP allows us to accelerate our growth journey to become the leading energy management company in Europe. This facility initially allows us to continue our UK growth and secure our first acquisition within the EU, whilst providing a robust platform for further growth in Continental Europe."

6

StrategicHighlights

Significant progress despite thesignificant effort required to successfullycomplete the IPO / Business Combination

Growth		Technology Propositions		Employee Satisfaction
	& Digital Revenues

• Following the acquisitions of

Ashdown Controls Group & BGES Group inFebruary 2024, learnd becamethe largest BMS

• Energy Management player in the UK & Ireland with 400+ team

members.

• First EU acquisition completed, providing a platformto become

market leader within the island of Ireland.

• learnd cloud platformlaunched together with the learndsmartphone app (iPhone & Android) - an industry first.

• Substantial increase in digital

revenues from existing customers, proving learnd's technology solves the key pain points of customers in the built environment.

• Continued very high levels of

employee satisfaction across

the learnd group, with an

Employee Net Promoter Score (eNPS) of 43 - considered outstanding1 within the industry.

• Team members of Ashdown

Controls & BGES already surveyed to provide a benchmark for next survey period & inform improvements.

7 (1) Source: https://www.hibob.com/hr-glossary/employee-net-promoter-score/

2024StrategicPriorities

Our strategic priorities keep the entire business focused on thepathto becomingmarket leader across Europe

Energy Capacity		Digital Revenues		Financial Performance
under Management
Increase energy capacity managed by		Grow digital revenues within existing		Drive growth in business profitability
learnd, expanding opportunity for		customer relationships, driving		and operating cash flow
upsell of digital revenues and future		additional revenue at high margins
opportunity for flexible energy
demand management

Talent & Culture		Geographical Expansion
Continue to foster learnd's culture,		Expand learnd's geographical reach
achieving market-leading Employee		through organic and inorganic
Net Promoter Scores (eNPS) across		expansion into new territories,
existing business and acquisitions		focusing on the opportunity to drive
		digital revenues & grow energy
		capacity under management

Shareholder Development

Sustainably develop share price and liquidity over the medium-long term

8

Outlook

For the current year, learnd expectsa significant increase in sales of over 50%,which should be accompanied by a doubling oftheadjusted EBITDA and the operatingcashflow.In addition to further operational improvementsand anexpansion of the offering viathe cloud platform, the two acquisitions successfully completed at the beginning of this year should alsocontribute to this. Fundshave already been secured for further acquisitions.

EUR k 1	Results	Guidance
	FY2023	FY2024
Revenue	39,562	60,000-70,000
Adjusted2 EBITDA	3,401	7,000-8,000
Adjusted Operating Cash Flow	2,847	5,500-6,500

	(1)	Pro-forma, 2023 includes CEC on a full-year basis, 2024 guidance includes Ashdown Controls Group & BGES Group on an adjusted full-year basis.
9	(2)	Adjusted for extraordinary expenses and revenues, made up of substantial acquisition costs, group re-organisation & business combination costs - aligned to IFRS statutory accounts.

Appendix - learnd Financials